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Articles 1 - 30 of 797
Full-Text Articles in Law and Economics
The Law Of General Average, Luca Anderlini, Joshua C. Teitelbaum
The Law Of General Average, Luca Anderlini, Joshua C. Teitelbaum
Georgetown Law Faculty Publications and Other Works
Part of a ship’s cargo is jettisoned in order to save the vessel and the remaining cargo from imminent peril. How should the loss be shared among the cargo owners? The law of general average, an ancient principle of maritime law, prescribes that the owners share the loss proportionally according to the respective values of their cargo. We analyze whether the law of general average is a truthful and efficient mechanism. That is, we investigate whether it induces truthful reporting of cargo values and yields a Pareto efficient allocation in equilibrium. We show that the law of general average is …
Background Risk And Optimal Liability Rules, Tim Friehe, Joshua C. Teitelbaum
Background Risk And Optimal Liability Rules, Tim Friehe, Joshua C. Teitelbaum
Georgetown Law Faculty Publications and Other Works
We study how background risk affects optimal liability rules in a unilateral accident model with risk-averse parties. Under negligence, background risk borne by a prudent victim raises the optimal due-care standard relative to the benchmark case without background risk. Under strict liability, the optimal level of damages is higher when the prudent victim faces background risk but the injurer does not. When a prudent injurer faces background risk (with or without victim background risk), the optimal level of damages can be higher or lower than in the benchmark case. Our results are robust to the availability of actuarially fair insurance.
The End Of Unmeasured Exploitation: How A.S.M., C.A.S., And S.I.A. Challenge Digital Attention Capitalism, Delante Clark
The End Of Unmeasured Exploitation: How A.S.M., C.A.S., And S.I.A. Challenge Digital Attention Capitalism, Delante Clark
Graduate Scholarship and Creative Works
Digital attention capitalism generates value through the capture and monetization of human attention, yet it has historically lacked standardized mechanisms for measuring attention-related harm. This paper argues that the Attention Safeguard Models (A.S.M.), Cognitive Attentional Standards (C.A.S.), and Sociological Impact Assessment (S.I.A.) collectively challenge this system by introducing an integrated framework for classifying, measuring, and evaluating digital attention harm and its societal consequences. C.A.S. provides standardized measurement of digital attention harm, A.S.M. identifies and classifies patterns of attentional disruption and manipulation, and S.I.A. evaluates broader impacts on institutions, communities, civic engagement, education, social cohesion, and inequality. Together, these systems transform …
Modern Economic Analysis And Antitrust Law: A Guide, Steven C. Salop
Modern Economic Analysis And Antitrust Law: A Guide, Steven C. Salop
Georgetown Law Faculty Publications and Other Works
This book presents a modern economics approach to antitrust law. It expands upon and supplements traditional legal analysis of antitrust law and policy. It does so by analyzing antitrust legal standards and case law through the lenses of industrial organization economics and decision theory. The work is intended to be a comprehensive introductory guide for students, practitioners, and anyone else interested in learning the core of modern antitrust economics. Understanding the economics of antitrust and decision theory and applying that reasoning to specific cases and issues are critical steps for successfully studying and practicing antitrust law and policy. It treats …
The Institutional Production Of Ethical War Across Modern Conflict, Katerina Udov
The Institutional Production Of Ethical War Across Modern Conflict, Katerina Udov
Binghamton University Undergraduate Journal
This paper argues that modern warfare operates through an ethical infrastructure that enables, rather than restrains, the use of violence. Contrary to the common assumption that moral frameworks such as Just War Theory function as safeguards against harm, the historical record shows that ethical language, humanitarian rhetoric, and democratic narratives serve as mechanisms to legitimize intervention, manufacture consent, and naturalize civilian suffering. Through case studies including Vietnam, Iraq, Afghanistan, U.S.-backed coups in Latin America, and French intervention in Mali, the paper traces how political leaders, media institutions, and corporate actors frame war as a moral necessity while pursuing strategic and …
Governing Algorithmic Attention: Attention Safeguard Models And The Cognitive Attentional Standard As System Level Interventions In Human Computer Interaction, Behavioral Economics, And Artificial Intelligence, Delante Clark
Graduate Scholarship and Creative Works
Algorithmic recommendation systems and interface designs shape attention by combining visually salient cues with uncertain reward timing and low friction interaction. These conditions can sustain anticipatory checking, extend time on task, and reduce natural disengagement points through patterns such as infinite scrolling and autoplay. This paper synthesizes research across neuroscience, human computer interaction, behavioral economics, and artificial intelligence to argue that attention capture is a predictable outcome of incentive driven design rather than an individual failure of self regulation. It advances the Attention Safeguard Models and the Cognitive Attentional Standard as system level interventions that regulate exposure conditions, pacing, and …
الفائدة, إدمون نديم شماس
The Hypocrisy Of The Wizards—A Proposal To Correct Incentives In Higher Education Loan Financing, Caden Benedict
The Hypocrisy Of The Wizards—A Proposal To Correct Incentives In Higher Education Loan Financing, Caden Benedict
School of Public Policy Capstones
This paper explores the origins of the student loan debt crisis and proposes tying university incentives to graduates' repayment plans and disclosing median earnings for degrees before students apply. Specifically, while there are numerous factors explaining why the price of education has increased dramatically since the 1970s, this paper proposes solutions that will specifically target university moral hazards by requiring universities fund: (1) the current subsidies to federal student loan repayments under income-driven plans as the House of Representatives intended before the Senate removed "risk-sharing," and (2) bankruptcy law discharge amounts. Moreover, requiring universities to disclose the median earnings of …
Why Capitalism Needs Democracy And Democracy Needs Capitalism, Luigi Zingales
Why Capitalism Needs Democracy And Democracy Needs Capitalism, Luigi Zingales
Fordham Law Review
No abstract provided.
Navigating Radical Indeterminacy In The Struggle For A Global Collective Consciousness: The Question Of Eco-Justice And Law Or Universalize The Pluriverse: A Manifesto, More Or Less, Omar Auf
Theses and Dissertations
The processes of interpretation, communication, and re-interpretation leads to the emergence of an approximated collective consciousness, for which it may be struggled and contested by hegemonic. The dominant forces of this contest, capitalism and nationalism, lead to an interdivided world: one that possesses the tools to empathize with each other but is instead leading people to keep their heads down and focus on surviving their own contexts, perceived as existing within different historical times on the same timeline. This leads to legal and justice systems that fail their claim to universality and/or impartiality. Incorporating an ecological lens to justice within …
Expanding State Tax Authority: Public And Private Sector Impacts Of Wayfair, Maxwell Pastoria
Expanding State Tax Authority: Public And Private Sector Impacts Of Wayfair, Maxwell Pastoria
Williams Honors College, Honors Research Projects
The 2018 Supreme Court decision in South Dakota v. Wayfair, Inc. (Wayfair) overturned the longstanding physical presence rule for state sales tax collection, enabling states to enforce tax obligations on remote sellers through marketplace facilitator and economic nexus laws (Oyez, 2018). This study investigates the effects of these two post-Wayfair tax laws on state sales tax revenues, entrepreneurship, and public expenditures across all 50 states. Using a two-way fixed effects difference-in-differences (TWFE DID) framework, this research analyzes how policy adoption influenced per-capita outcomes in tax revenue, firm formation, and government spending in social services, education, infrastructure, and …
The Law Of Quitting, Andrew K. Jennings
The Law Of Quitting, Andrew K. Jennings
Faculty Articles
Throughout life, people enter countless positions of authority and trust in relation to one another and the public. These positions include, among many others, being a public official, being a corporate director, and being an employee. Law announces prerequisites for starting such positions, as well as incumbents’ rights and obligations once in them. But no office holds forever. Indeed, incumbents often choose to exit positions before they would otherwise end by expiration, removal, or death. Yet law governs such voluntary relinquishment—often called “resignation” or, more generically, “quitting”—largely as afterthought. That is, law expansively attends how positions of authority and trust …
Symmetry, Presumptions, And The Judges Design, Murat C. Mungan
Symmetry, Presumptions, And The Judges Design, Murat C. Mungan
Faculty Scholarship
An instrumental variables approach called ‘the judges design’ used frequently in social sciences relies on an assumption called ‘average monotonicity’. This assumption pertains to how different judges’ (or other classifiers’) decision making processes relate to each other. Violations of it are hard to detect, which raises the importance of it being supported by a plausible theory. Decisions of judges who solve Bayesian decision problems violate average monotonicity as long as the signals they process are symmetric and they do not possess strong presumptions. This result is extended to cases where judge presumptions are symmetrically distributed and may include strong presumptions. …
Rethinking Legal Models For Aligning U.S.-African Trade And The Afcfta, Katrin Kuhlmann
Rethinking Legal Models For Aligning U.S.-African Trade And The Afcfta, Katrin Kuhlmann
Georgetown Law Faculty Publications and Other Works
The U.S.-African trade relationship has become increasingly volatile and conditional, with significant implications for supply chains, trade corridors, and regional and global markets. This relationship has historically been based on a unilateral, preferential legal approach through a trade preference programme – the African Growth and Opportunity Act (AGOA) – under which individual countries petition for eligibility to receive duty-free treatment. AGOA expired in September 2025 in the midst of U.S. tariffs, but in early 2026 the programme was retroactively reauthorised through December 2026, with further application subject to “modernisation” and alignment with the “America First” policy. While many see reauthorisation …
The Equity Dead Zones: Legal Intersectionality Failure Points In Chapter 13 Bankruptcy, Tearria N. Simmons
The Equity Dead Zones: Legal Intersectionality Failure Points In Chapter 13 Bankruptcy, Tearria N. Simmons
The Guardianship Journal
Legal intersectionality failure points describe the systemic fractures that occur where overlapping legal, social, and economic inequalities converge, potentially producing compounded barriers to relief. Each failure point marks a site of marginalization. In what ways do individuals already recognized as vulnerable in Chapter 13 bankruptcy face a heightened risk when multiple forms of disadvantage intersect? When these intersections combine in mutually reinforcing ways—racial, economic, and relational disparities colliding with structural deficiencies in family, property, and bankruptcy law—does it result in pronounced negative outcomes, and, if so, what are those outcomes? Within this convergence, could there be a space where compounded …
Why Color-Blind Solutions Won't Solve The Racial Wealth Gap: How We Can Overcome The Constitutional Hurdles To Race Conscious Remedies In Addressing The Wealth Gap, Malik Edwards, William A. Darity Jr.
Why Color-Blind Solutions Won't Solve The Racial Wealth Gap: How We Can Overcome The Constitutional Hurdles To Race Conscious Remedies In Addressing The Wealth Gap, Malik Edwards, William A. Darity Jr.
Kentucky Law Journal
No abstract provided.
Interest Convergence And The Racial Wealth Gap: Defusing Racism's Divide-And-Conquer Via Universal Basic Income, Palma Joy Strand, Nicholas A. Mirkay
Interest Convergence And The Racial Wealth Gap: Defusing Racism's Divide-And-Conquer Via Universal Basic Income, Palma Joy Strand, Nicholas A. Mirkay
Kentucky Law Journal
No abstract provided.
Wage Enslavement: How The Tax System Holds Back Historically Disadvantaged Groups Of Americans, Goldburn P. Maynard Jr., David Gamage
Wage Enslavement: How The Tax System Holds Back Historically Disadvantaged Groups Of Americans, Goldburn P. Maynard Jr., David Gamage
Kentucky Law Journal
No abstract provided.
Investigating The Relationship Between Noun Classes And Plant Folk Taxonomy In Chasu Language Of Kilimanjaro Region In Tanzania, Peter Rabson Mziray
Investigating The Relationship Between Noun Classes And Plant Folk Taxonomy In Chasu Language Of Kilimanjaro Region In Tanzania, Peter Rabson Mziray
Journal of Humanities and Social Sciences
The current study investigates the relationship between noun classes and plant folk taxonomy in Chasu (G 22). The study focuses on two objectives: the first objective is to describe the plant folk taxonomy in Chasu and the second objective is to determine the relationship between noun classes and plant folk taxonomy in Chasu. Data were collected from rural villages in Same and Mwanga districts by using free listing, field interviews (jungle-walk-and-identify), and written texts containing Chasu plant names. The findings reveal that Chasu folk taxonomy reflects different ethnobotanical categories; including a unique beginner which is mmea/mimea ‘plant(s)’, and three life …
A New View Of Formal Equality And A Case For Predistribution, Alex Raskolnikov
A New View Of Formal Equality And A Case For Predistribution, Alex Raskolnikov
Faculty Scholarship
A long-held egalitarian view is that formal equality — the absence of formal legal distinctions based on the material resources of individuals — is regressive. If legal rules are the same for the rich and the poor, the rich benefit and the poor suffer. This Essay argues that this view is mistaken. Far from being synonymous with laissez-faire, a commitment to formal equality provides a counterweight to the key neoliberal maxim that regulation of the market economy should focus on efficiency alone. Moreover, a new view of formal equality offered here reveals a key advantage of predistribution over redistribution: Explicit …
Rightsizing Regulations To Foster Innovation And A Healthy Business Environment: Insights From Elite Executives, Brian Charles Mulligan, Nelson Granados
Rightsizing Regulations To Foster Innovation And A Healthy Business Environment: Insights From Elite Executives, Brian Charles Mulligan, Nelson Granados
Engaged Management ReView
This study examines insights from business executives on how TRAILS—that is, taxes, regulations, assessments, interventions, litigation, and subsidies—influence entrepreneurial behavior and firm performance. Using an applied constructivist grounded theory design, we conducted 17 in-depth interviews to identify how top business executives view the effects of regulations on business performance. We adopt the premise that the right level and set of regulations lead to a healthier business environment. We find that right-sized TRAILS catalyze entrepreneurial dynamism, whereas wrong-sized TRAILS impose hidden opportunity costs, stifle innovation, and erode institutional trust. Crucially, the study reveals the vital role of the government as …
Learning About Stability Of Risk Preferences, Levon Barseghyan, Francesca Molinari, Joshua C. Teitelbaum
Learning About Stability Of Risk Preferences, Levon Barseghyan, Francesca Molinari, Joshua C. Teitelbaum
Georgetown Law Faculty Publications and Other Works
Classical theories posit that risk preferences are stable across decision contexts. Two branches of empirical literature assess this claim. Structural approaches examine within-person consistency of model-based estimates of risk aversion, while “model-free” approaches examine within-person correlations of risky choices. We elucidate the latent structure underlying the model-free approach. Using this structure, we develop a new approach to assessing preference stability that has stronger testable implications, and we partially identify features of stability and heterogeneity of risk preferences. Our study illustrates a general principle: partial identification through minimal assumptions grounded in economic theory robustly bridges fully structural and model-free methods.
From Relic To Relevance, The Resurgence Of Tariffs, Reuven S. Avi-Yonah, Doron Narotzki, Tamir Shanan
From Relic To Relevance, The Resurgence Of Tariffs, Reuven S. Avi-Yonah, Doron Narotzki, Tamir Shanan
Law & Economics Working Papers
Modern legal scholarship has largely relegated tariffs to economic analysis, overlooking their legal and policy significance. This article challenges that view by examining tariffs as a potential pillar of fiscal policy, exploring their viability as a revenue source alongside or in place of traditional income and corporate taxation. While historically central to U.S. government funding, tariffs diminished in importance with the rise of income taxation and trade liberalization. However, their recent resurgence as a tool for trade protection raises broader questions about their role in national economic strategy. This article critically assesses the feasibility of a tariff-based tax system, drawing …
Oriented Data-Generating Processes: A Categorization Of Roc Curves, Claude Fluet, Murat C. Mungan
Oriented Data-Generating Processes: A Categorization Of Roc Curves, Claude Fluet, Murat C. Mungan
Faculty Scholarship
Decision makers attempting to classify a binary state of the world may commit two types of errors. Even when the two alternative states have equal prior probabilities and when the two types of errors are equally costly, a classification criterion may be chosen which leads to one type of error being committed more frequently than the other, because of asymmetries in the data that informs their decisions. We formalize this possibility through a categorization of data-generating processes (DGPs), which may be ‘oriented’ towards evidence favoring one of the two alternatives, or which may be ‘unoriented’. We identify the shape properties …
Politics And Institutional Change: The Water Commission Act Of 1913, Mark Kanazawa
Politics And Institutional Change: The Water Commission Act Of 1913, Mark Kanazawa
Department of Economics Working Paper Series
Economists have long argued that increasing resource scarcity can lead to more clearly defined individual property rights, but the precise mechanism whereby this occurs remains unclear to this day. This paper documents the role of politics in shaping the creation of individual property rights within the context of appropriative water law in early 20th century California, finding evidence of both party ideology and interest group influence in establishing a new system for administering appropriative water rights.
The Sports-Betting Market: A Road To Sports Betting As Viable Investing, Tyler Gottlieb
The Sports-Betting Market: A Road To Sports Betting As Viable Investing, Tyler Gottlieb
Vanderbilt Journal of Entertainment & Technology Law
Since its legalization, sports betting has experienced rapid growth, both in terms of economic output and expansion into more states. The current system of sports betting in the United States requires individuals to place bets using a sportsbook. The sportsbook sets the lines on every bet. If an individual wins their bet, the sportsbook pays them money according to the listed odds. If an individual loses their bet, the sportsbook keeps the amount staked. Sportsbooks set lines in a way to ensure that on average, they make money on every bet. This system has been widely accepted, often based on …
Digital Economy Innovation In The Indo-Pacific: Towards A 'Singapore Effect'?, J.G. Allen, Qiu Xu Martin Liao
Digital Economy Innovation In The Indo-Pacific: Towards A 'Singapore Effect'?, J.G. Allen, Qiu Xu Martin Liao
Research Collection Yong Pung How School Of Law
This paper examines the rise of Digital Economy Agreements (DEAs) in the Indo-Pacific as a strategic response to digital trade fragmentation and great power competition. Focusing on Singapore’s leadership, we introduce the ‘Singapore Effect’ – a model of regulatory influence distinct from others, such as the ‘Brussels Effect’ and ‘Beijing Effect.’ Unlike market-driven regulatory diffusion, the Singapore Effect emphasizes interoperability, norm entrepreneurship, and mini-lateralism, enabling middle powers to shape digital trade governance. We analyze DEA formation, implementation challenges in national law, and Singapore’s role as a bridge between diverse regulatory regimes. DEAs’ flexible, modular structure allows for incremental regulatory alignment …
Lessons Learned: Luis Jácome, Mercedes Cardona
Lessons Learned: Luis Jácome, Mercedes Cardona
Journal of Financial Crises
Luis Jácome was appointed president of the board of Ecuador’s central bank in 1998 by newly elected President Jamil Mahuad. He and other members of the board resigned in 1999 in protest against a number of crisis-intervention measures they saw as threatening the bank’s independence to set monetary policy. Since the 1970s, Ecuador’s economy had experienced a period of growth fueled by oil exports, but by the mid-1990s the economy was reeling from a series of shocks, among them: a sharp drop in the price of oil, the effects of severe flooding on the country’s agricultural production, and the cost …
Lessons Learned: Vincenzo La Via, Mercedes Cardona
Lessons Learned: Vincenzo La Via, Mercedes Cardona
Journal of Financial Crises
Vincenzo La Via joined the World Bank Group in 2005 as chief financial officer, in charge of financial reporting, accounting, strategic planning and budgeting, credit risk, corporate finance, market risk, liquidity and asset management, and product development. During his tenure, La Via took part in the bank’s response to the Global Financial Crisis (GFC) and the subsequent European Sovereign Debt Crisis. He left the bank in 2012 to become director general of the Treasury in the Italian Ministry of Economy and Finance as the Italian government took on reform of the banking sector. He left the public sector in 2019 …
Lessons Learned: Benoît Cœuré, Mercedes Cardona
Lessons Learned: Benoît Cœuré, Mercedes Cardona
Journal of Financial Crises
Benoît Cœuré held several positions in the French Treasury in the years leading to the Global Financial Crisis (GFC). He was an economic adviser to the director general of the French Treasury from 1997–2002, deputy chief executive and chief executive of the French debt management office from 2002–2007, and assistant secretary for multilateral affairs, trade, and development from 2007–2009. He served as chief economist and deputy director general in 2009–2011. He joined the European Central Bank (ECB) during the European Sovereign debt Crisis and was responsible for market operations, market infrastructure supervision and European and international relations as a member …